Raiffeisenbank Bulgaria (RBBG) recorded its best result ever during the first half of 2002.

RBBG managed to open additionally 10 branches bringing their total number to currently 24, thus effectively covering all major regions of Bulgaria. Staff numbers increased by 80 and reached a total of 420.

Business growth was exceptional and shows the biggest dynamics among all banks in Bulgaria.

The loan portfolio reached BGN 302 million and customer deposits grew to BGN 313 million which is an increase by 72 % and 42 % in comparison to 30/06/01.

Despite major investments in the course of its rapid expansion RBBG managed to double its net profit to BGN 3.3 million until mid 2002.

For the second half of the year RBBG plans to add another 6 branches to its network and to continue growing its customer base and transaction volumes accordingly.

Newly introduced products like Moneygram funds transfer and housing loans for private customers showed much faster growth than initially expected.

RBBG is preparing an integrated strategy for Small and Medium sized customers (SMEs) and retail customers. In autumn 2002 a special product package will be launched for SMEs and the range of retail services will be further expanded.

According to latest market research data RBBG is considered the most serious and competitive foreign subsidiary bank in Bulgaria. Its customer especially like its reliability as member of a major international banking group, the customer oriented approach, exceptional speed in decision making and very competitive conditions offered.